MBA estimates that 1.3 million homeowners are currently in forbearance plans.
"Many borrowers reached the expiration of their forbearance term as we entered October,” said Mike Fratantoni, MBA’s senior vice president and chief economist, in a statement. “The pace of exits climbed to the fastest pace in over a year, and the share of loans in forbearance declined at the fastest rate since last October, dropping by 27 basis points.”